The fact that housing prices are surging upwards in China is not news to anyone, as real estate in almost every major Chinese city continues to appreciate at an alarming rate. What is news is the fact that rent prices are also on the rise. Once considered the cheaper way to live in a big city, rents are now starting to look just like housing prices as they spiral further and further upward. Statistically, rent has risen at a rate between 15% and 40% in the first half of this year alone, making some consider simply renting a house at all to be a waste of money.
Since most people in Nanjing make an average salary of about 3,000 a month, many consider that simply buying a house is a more efficient use of money. Ms. Chen, a local resident, tells a story which reflects the rise of rent prices. When she graduated from university in 2006, she moved into an apartment which she shared with three room mates. The apartment was only 30 square meters, but the total rent was only 1,000 RMB per month for four people. As various room mates moved out, Ms. Chen was forced to find another apartment; this time in a building behind the Grand Ocean in Xinjiekou. She was able to share an apartment and pay 650 RMB per month, a comparatively large portion of her 2,000 RMB per month salary.
In 2007, Ms. Chen moved to an apartment on Zhujiang Road near 1912, and her rent rose to 700 per month. By 2009, Ms. Chen was living by herself on Jinxianghe Road, but now paying 1,200 RMB for her own place.
Ms. Chen
